Gold Seeker Closing Report: Gold and Silver Fall Slightly

	Close	Gain/Loss
Gold	$803.30	-$1.60
Silver	$12.90	-$0.14
XAU	134.46	-3.48%
HUI	313.06	-3.63%
GDM	932.73	-3.98%
JSE Gold	1668.00	-3.16
USD	78.04	-0.02
Euro	145.00	-0.16
Yen	92.38	+0.30
Oil	$109.35	-$0.36
10-Year	3.697%	-0.049
T-Bond	119.453125	+0.46875
Dow	11532.88	+0.14%
Nasdaq	2333.73	-0.66%
S&P	1274.98	-0.20%

Gold fell over $15 to as low as $789.15 by late trade in Asia before it rose to see a $3.60 gain at $808.50 by midmorning in New York, but it then fell back off for most of the rest of trade and ended with a loss of 0.2%. Silver fell fifty cents and $12.54 by late trade in Asia before it rose back to about $13 in early New York trade, but it also fell back off into the close and ended with a loss of 1.07%.

Euro gold remained at about €554, platinum lost $10.50 to $1382, and copper gained a few cents to about $3.35.

Gold and silver equities fell as much as 5% by late morning, but they then bounced from their lows in afternoon trade and ended with less than 4% losses.

Report	For	Reading	Expected	Previous
Factory Orders	July	1.3%	1.0%	2.1%

The fed’s Beige Book said economic growth remains slow and lending standards remain tight, but it also noted some signs of moderating inflation. Tomorrow at 8:15AM EST is the ADP Employment report for August expected at -30,000. At 8:30 is the Initial Jobless Claims report for 8/30 expected at 420,000 and second quarter Productivity expected at 3.5% and at 10AM is the ISM Services report for August expected at 49.5.

Oil fell as it was mostly confirmed that Gustav did little damage to energy installations in the Gulf of Mexico. Many refineries are now coming back online safely, but traders were also watching developing storms in the Atlantic and preparing for tomorrow’s delayed inventory report.

The U.S. dollar index rose as much as 60 points in early trade as the euro and pound both fell on further signs of economic weakness in that region that will likely keep the Bank of England and the European Central bank on the dovish side for their policy in the near future, but the dollar fell off to close with a slight loss on speculation that view may be getting overplayed by now.

Treasuries rose as the Dow, Nasdaq, and S&P traded mostly lower on further worries over a weak global economy, but the Dow was able to rally higher in late trade to end with a slight gain.

Among the big names making news in the market today were Ford, Nissan, Staples, Ospraie, Wachovia, Corning, Coca-Cola, Costco, and Wal-Mart.

We are in the middle of “Operation Keep the Hill,” an operation in which every stop has been pulled out to paint a picture of improving business conditions and permanent declining inflation as a result of lower long term energy and food prices. The big six are forecasting a 3% improvement in consumer demand as sentiments improves due to the drop in inflation at the gas station and food market. The improvement in share value of some financials, based on nothing but hype, is held up as proof that the credit problems are behind us regardless of Lehman being busted while Fannie and Freddie are hopeless hulks in dire need of camouflage.

The FDIC is getting to a point where they need recapitalization with 199 banks on the troubled list and probably a lot more to come.

SIPC is a joke capitalized at $1.5 billion, yet they are still quoted as the guarantor of all security values at all brokerage firms.

The problem is that all the above is spin. The spinner chants to the dark forces are in hopes that the con job can last until Election Day.

Those that hold the hill generally have the advantage, but this time they absolutely must hold it.”- Jim Sinclair, JSMineset.com

“We hear a good deal about the paper trading game (derivatives) having a great affect on the physical market … and that is true, but only for a relatively short period of time. The gold shorts, such as The Gold Cartel, can bomb the derivatives markets at the right time and turn speculative longs into sellers. Remember, the futures market is, and is known as, a price discovery mechanism. This price discovery can be based on different factors at different times. In the months ahead, however, it will get back to demand versus total available supply.

What is the fair price of gold? The futures market price is supposed to give us an idea what that fair price is now and for many months ahead. Sometimes it is right on, sometimes too eager, and sometimes too pessimistic. The Gold Cartel camp waits for the specs to become overly exposed on the long side (even if the specs are correct in their assessment) and then makes their move to flush them out, as we have just seen. We have witnessed the same pattern for the last 8 years of this bull market.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com

“December Gold finished down 2.3 at 808.2, 4.3 off the high and 7.7 up from the low.

December Silver closed down 0.198 at 12.947. This was 0.057 up from the low and 0.203 off the high.

The gold market managed another new low for the move today but seemingly managed to reject a good portion of the losses. Ongoing strength in the Dollar seems to sit squarely on the back of the gold market and even a fresh round of weakness in the US equity market didn't seem to foster much in the way of flight to quality interest for gold. Clearly some gold players saw the better than expected US economic numbers as a flight to quality offset to the weakness in equity prices. It probably also goes without saying that ongoing weakness in oil prices and other physical commodity markets contributed to the weakness in gold prices again on Wednesday.

With the Dollar keeping overall psychology in the precious metals markets edgy again, it was not surprising to see silver prices spend most of the session trading in the lower portion of the prior sessions trading range. As suggested at mid day the silver bulls weren't the least bit supported by the strength in copper prices or even the better than expected US scheduled economic data. In short, the fear of too much global slowing, a rising Dollar and sinking oil prices seemed to leave silver without much in the way of buying interest.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 2.91 tonnes were removed from the trust.

Kinross Gold’s (KGC) bid for Aurelian (ARU.TO), NovaGold’s (NG) sale consideration, Nevsun’s (NSU) construction, Gammon’s (GRS) drill results, Orezone’s (OZN) closed debt facility, Crystallex’s (KRY) mill progress, Eldorado’s (EGO) legal update, Great Basin’s (GBN) drill results, Sabina’s (SBB.V) financial results, ECU’s (ECU.TO) drill results, Oro’s (OSR.V) property acquisition, and Scorpio’s (SPM.TO) operations update were among the big stories in the gold and silver mining industry making headlines today.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Kinross seen winning Aurelian with C$890 mln bid - "Kinross Gold (K.TO: Quote, Profile, Research, Stock Buzz) looks set to triumph in its C$890 million ($840 million) bid for Aurelian Resources (ARU.TO: Quote, Profile, Research, Stock Buzz), although the takeover is by no means a done deal because of concerns a new Ecuadorean mining law could hurt the value of Aurelian's Fruta del Norte gold deposit." More
- September 03, 2008 | Item | E-mail

Nirek Resources Inc.: Director Exercises Options for Shares - More
- September 03, 2008 | Item | E-mail

Golden Goose doubles its Lac Levac Land position to 200 km2 - More
- September 03, 2008 | Item | E-mail

Nevoro Inc. Announces Drilling Programs for Stillwater, Moonlight and Monarch Projects - More
- September 03, 2008 | Item | E-mail

Vena Resources Completes Phase-One of Uranium Drill Program at Macusani - More
- September 03, 2008 | Item | E-mail

NQ Exploration Inc.: Launch of our Website - More
- September 03, 2008 | Item | E-mail

NovaGold considering sale; shares hit 9-month low - "NovaGold (NG.TO: Quote, Profile, Research, Stock Buzz) hit a 9-month low on Wednesday after the Canadian gold company said it was considering selling all or part of itself due to the sharp plunge of its shares over the past year.

NovaGold, whose main assets are 50-percent stakes in the Donlin Creek gold project in Alaska and the Galore Creek copper-gold property in British Columbia, said in a statement on Tuesday it was reviewing strategic alternatives to maximize shareholder value." More
- September 03, 2008 | Item | E-mail

Constellation Copper to delist from TSX - More
- September 03, 2008 | Item | E-mail

Latin American Minerals Retains Consultants and Expands Exploration Program to Include Drill-Testing a Resource at Paso Yobai, Paraguay - More
- September 03, 2008 | Item | E-mail

Colorado Goldfields' Upcoming Investor Conference Call and Gold and Silver Challenge - More
- September 03, 2008 | Item | E-mail

Nevsun Resources Ltd.: Bisha Construction Underway - "Preparation of the plant site has commenced by local contractor, Segen Construction, under the supervision of Bisha's EPCM contractor, SENET of South Africa. Since early 2008 Bisha has ordered critical long lead items, expanded construction camp facilities, engaged local contractors, increased its project management capacity, commenced with local infrastructure, continued responsible social activity, secured significant procurement commitments and now has plant site earthworks underway. Commissioning is expected in Q1 2010." More
- September 03, 2008 | Item | E-mail

Gammon Gold Announces Additional Positive Exploration Drilling Results and a Progress Update on the Scoping Study for the Guadalupe y Calvo Gold-Silver Project - "Gammon Gold Inc. ("Gammon") (TSX:GAM and AMEX:GRS): is pleased to announce additional encouraging drilling results from our highly prospective Guadalupe y Calvo exploration property located in Chihuahua State, Mexico as part of the recently enhanced 45,000 to 50,000 metre diamond drilling program currently underway." More
- September 03, 2008 | Item | E-mail

Global Hunter Commences Drilling of Molybdenum Mineralization at Rabbit South - More
- September 03, 2008 | Item | E-mail

Matamec Explorations inc.: New Results up to 22 g/t Au on Matheson JV Gold Property - More
- September 03, 2008 | Item | E-mail

Hawk Uranium Inc. Amends PR Agreement - More
- September 03, 2008 | Item | E-mail

Champion Minerals Expands Attikamagen Iron Property, Stakes Additional 10km Strike Length of Magnetite-Rich Taconite Iron Formation - More
- September 03, 2008 | Item | E-mail

DIAGNOS Receives Final Approval From the Dominican Republic Government for the Exploration of its 25,000 Hectare Maple Property - More
- September 03, 2008 | Item | E-mail

Duran Ventures Increases Management Depth - More
- September 03, 2008 | Item | E-mail

Blue Note's Caribou Has a New Partner - More
- September 03, 2008 | Item | E-mail

New High-Grade Zinc-Lead Zone Discovered at Selwyn Project - More
- September 03, 2008 | Item | E-mail

Inter-Rock Appoints a Vice-President of Engineering - More
- September 03, 2008 | Item | E-mail

Optimization Study Improves Geovic Cameroon Cobalt Project - More
- September 03, 2008 | Item | E-mail

Adventure Gold Makes a New Gold Discovery in the Val D'or Mining Camp - More
- September 03, 2008 | Item | E-mail

Sabina Silver Announces Q2 Financial Results - "For the three months ended June 30, 2008, the Company reported a net loss of $6,778 as compared to net earnings of $4,543,187 for the same period in 2007. The earnings in fiscal 2007 were a result of sales of securities during that period. The Company's earnings are primarily derived from the interest, sales and changes in fair value on investments held for trading and sale. Expenses in the period were nearly offset by earnings in the same period." More
- September 03, 2008 | Item | E-mail

Teryl Resources Announces Drilling Has Commenced on the Gil Joint Venture Claims, Fairbanks, Alaska - More
- September 03, 2008 | Item | E-mail

Constantine Metal Resources Ltd.: Latest Drilling Demonstrates Size Potential of the South Wall Massive Sulphide Zones - More
- September 03, 2008 | Item | E-mail

Soho Resources Corp. Reports New Drill Results From Several Zones at Tahuehueto - More
- September 03, 2008 | Item | E-mail

Anvil Mining Limited - Shareholders Meeting to be held October 16 - More
- September 03, 2008 | Item | E-mail

Skybridge Surface Assays Verify Blue Caribou Gold Zone Potential - More
- September 03, 2008 | Item | E-mail

Independent Nickel Board of Directors Supports Increase in Victory Nickel Takeover Offer - More
- September 03, 2008 | Item | E-mail

Azimut outlines an extensive radioactive zone at Daniel Lake - More
- September 03, 2008 | Item | E-mail

Rochester Resources Provides Exploration and Development Update at the Florida Area, Mina Real Project - More
- September 03, 2008 | Item | E-mail

Buffalo Gold Receives Resource Estimate for Furtei Mine - More
- September 03, 2008 | Item | E-mail

Crosshair Appoints New Chief Financial Officer - More
- September 03, 2008 | Item | E-mail

Cypress & Skyharbour Enter Balmer Assemblage - More
- September 03, 2008 | Item | E-mail

Orbite Begins Environmental Studies at Grande-Vallee - More
- September 03, 2008 | Item | E-mail

Cypress & Skyharbour Enter Balmer Assemblage on their Bruce Channel/Red Lake Drill Program - More
- September 03, 2008 | Item | E-mail

Strathmore Receives Positive Core Assay Results from Monitor Well Installation Program at Roca Honda Uranium Project - More
- September 03, 2008 | Item | E-mail

Mindoro and Gold Fields sign letter of agreement on three Batangas Projects - More
- September 03, 2008 | Item | E-mail

Augyva Announces Changes to the Board of Directors and to Management, and Grants Options - More
- September 03, 2008 | Item | E-mail

Aker Solutions awarded another mining and metals contract - More
- September 03, 2008 | Item | E-mail

First results from current drilling program extend gold & base metal mineralization at the Corak property - More
- September 03, 2008 | Item | E-mail

Victory Nickel Announces Increase to Offer for Independent Nickel and Independent Nickel Board of Directors Supports Revised Offer - More
- September 03, 2008 | Item | E-mail

Lakota Resources announces new Directors and appointment of Advisory Board - More
- September 03, 2008 | Item | E-mail

Ventura Gold Reports First Quarter Financial Results - More
- September 03, 2008 | Item | E-mail

Acadian Mining announces final closing of private placement - More
- September 03, 2008 | Item | E-mail

Northern Gold Mining Exploration Update - More
- September 03, 2008 | Item | E-mail

Alexis Drilling Large Off-hole Anomaly in Deep West Target Area - More
- September 03, 2008 | Item | E-mail

Western Warrior completes planned summer exploration program at the Pipestone Gold project and prepares for fall drilling - More
- September 03, 2008 | Item | E-mail

Romios Gold's Summer Exploration Program Produces Early Positive Results - More
- September 03, 2008 | Item | E-mail

S.African miners' union agrees wages with Exxaro - "South Africa's biggest mineworkers' union said on Wednesday it agreed a wage deal for its members at Exxaro (EXXJ.J: Quote, Profile, Research, Stock Buzz) after it issued a warning in July that it was ready for "a big fight" over a wage dispute." More
- September 03, 2008 | Item | E-mail

General Metals Enters Into Substantive Discussions for Sale / Joint Venture of Its 150 Sq. Km. Nyhinahin Mining Concession Near Bibiani, Ghana, West Africa - More
- September 03, 2008 | Item | E-mail

Aspire International Releases GuangXi Branch Business Executive Summary - More
- September 03, 2008 | Item | E-mail

Grande Portage Resources Ltd. Consistently Intersecting Sulphide - Bearing Quartz Veins at Pass Property - More
- September 03, 2008 | Item | E-mail

Colorado Goldfields Raises $5 Million, Establishes a Standby Equity Distribution Facility Available for 2 Years - More
- September 03, 2008 | Item | E-mail

El Capitan Precious Metals, Inc. Reports Positive Commercial Laboratory Results - More
- September 03, 2008 | Item | E-mail

European Goldfields Limited - Updated Mining Permit for Certej Project - More
- September 03, 2008 | Item | E-mail

VMS Ventures Inc.: RD-08-71 Intersects 39.71 Metres of Mineralization Down to 450 Metres Below Surface at Reed Lake Discovery Zone, Snow Lake, Manitoba - More
- September 03, 2008 | Item | E-mail

TTM receives preliminary economic assessment for Chu Molybdenum project indicating a net present value of $1.04 billion - More
- September 03, 2008 | Item | E-mail

Century Mining Reports Second Quarter 2008 Financial Results - More
- September 03, 2008 | Item | E-mail

Stikine Options Fort St. James, BC Placer Property - More
- September 03, 2008 | Item | E-mail

Tamerlane Reports Financial Results For Three Month Period Ended June 30, 2008 - More
- September 03, 2008 | Item | E-mail

ECU Silver Hits Gold at Depth - "ECU Silver Mining (TSX:ECU - News; the"Company") is pleased to announce results from follow-up drilling of the massive sulphide discovery hole SJ18-21 (the "M-S Discovery Hole")reported in a recent press release dated July 19, 2008. The M-S Discovery Hole had intersected two massive sulphide veins (the "M-S Veins") at depth below the Santa Juana vein system within the Velardena Property." More
- September 03, 2008 | Item | E-mail

Oro Silver Acquires 174 Square Kilometres of Property Covering the Eastern Extensions of the Vetagrande and Panuco Trend in the Zacatecas District, Zacatecas - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) has executed a formal purchase option agreement for the 98 square kilometre Cabrestante property in eastern Zacatecas, Mexico, from a private Mexican consortium. Oro Silver also acquired, by staking, the mining rights for San Ignacio, located east of Cabrestante covering another 76 square kilometre area. Together, the two properties form the core of Oro Silver's new Tacoaleche Project." More
- September 03, 2008 | Item | E-mail

Orezone Closes US$40 Million Debt Facility - "Orezone Resources Inc. (Toronto:OZN.TO - News)(OZN - News) is pleased to announce the closing of a US$40 million debt facility with The Standard Bank of South Africa Ltd ("Standard Bank"). This five month facility has a coupon of Libor plus 4% and will allow Orezone to continue construction of the Essakane gold project in Burkina Faso, West Africa while it moves to close the US$300 million senior debt facility and a US$30 million cost overrun facility with Unicredit HVB and Standard Bank." More
- September 03, 2008 | Item | E-mail

Crystallex in Discussions With MIBAM Regarding Revemin Mill - "Crystallex acquired the Revemin Mill in 2000 through the acquisition of the Venezuelan assets of Bolivar Goldfields. Since that time, the Company has processed ore from various mines including the Tomi Open Pits, Tomi Underground, La Victoria and certain materials from local cooperatives. The ore from the various deposits Crystallex operates in this area has been exhausted. Additionally, under contractual commitments relating to Revemin, the Company has entered into discussions with MIBAM regarding the reversion, future use and feed for the Revemin Mill." More
- September 03, 2008 | Item | E-mail

Scorpio Provides Operations Update on Nuestra Senora Project, Mexico - "To date the Company has met every goal it has set, from the construction of the mill facility in record time, to the mill start up on time, to the production of concentrates on time. Shipment of concentrates commenced in August and the first smelter and off-take payments are expected this month. During September, the Company will be aggressively executing programs to increase the mill thoughput, improve recoveries and increase the amount of concentrates produced, as well as continue development of the higher-grade stopes in the Santa Teresa and the North West Zones." More
- September 03, 2008 | Item | E-mail

Eldorado Gold Corporation: Perama Update - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(EGO - News) announced that the Company has been advised by its legal representative in Athens that decisions have been reached pursuant to two outstanding legal cases before the Athens Supreme Administrative Court." More
- September 03, 2008 | Item | E-mail

Great Basin Gold Announces Additional High Grade Intercepts in the Newly Discovered Hatter Graben Vein System at Hollister Project - "Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN; JSE: GBG) ("Great Basin" or the "Company"), announces additional results from their surface exploration drill program at the Hollister Project in Nevada. Additional high-grade intercepts are reported from their recently discovered Hatter Graben Vein System as well as the first two results from exploration undertaken in the South Velvet area." More
- September 03, 2008 | Item | E-mail

Crystallex says Venezuelan mine talks encouraging - "Crystallex International (KRY.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday that recent discussions with Venezuela surrounding its Las Cristinas gold project have been encouraging and that the company will begin construction as soon as an environmental permit is issued." More
- September 03, 2008 | Item | E-mail

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.